According to Odaily Planet Daily, MicroStrategy Executive Chairman Michael Saylor recently suggested that Bitcoin should be held by "too big to fail" financial institutions instead of using self-custody, and this remark was heavily criticized.

Holders have nothing to lose by transferring their Bitcoin to a financial institution, he said in an interview on Oct. 21. Saylor added that anyone who believes that the government has sanctioned the confiscation of Bitcoin is a “paranoid crypto-anarchist.”

Saylor said that instead of relying on hardware wallets, it is better to rely on "too big to fail" banks because they are "designed to be custodians of financial assets."

Sina, founder of bitcoin custody and security firm 21st Capital, criticized Saylor’s comments, saying they downgraded bitcoin to an investment pet rock and halted its use as a currency.

Simon Dixon, author of Bank to the Future, speculates that Saylor is undermining the importance of self-custody because it undermines MicroStrategy’s long-term plans to transform into a bitcoin bank and offer collateralized lending.

However, some people agree with Saylor's point of view. Julian Figueroa, founder and host of "Get Based", believes that Saylor's remarks are directed at institutions rather than individuals.

Earlier news, Michael Saylor said that MicroStrategy's ultimate goal is to become a Bitcoin bank and build a company with a market value of one trillion US dollars.